Cutting state tax credit could hinder development

From his office, architect Michael Hall has a birds eye view of his work at the Atlas Life building.

He helped design the restoration into a Marriott Hotel.

That restoration landed the developer a 20% state tax credit, but Hall says if that goes away for two years, "There will be projects that are adversely affected, and there will be projects that don't happen," said Hall.

He says that could have a trickle down effect.

"When projects don't happen, architects don't get hired to design projects, and contractors don't get hired to construct projects," said Hall.

In fact, Jeff Dunn, with the Downtown Coordinating Council, says it could have an even larger effect on the entire community.

"Without a healthy, vibrant downtown, I think the economic growth for the whole community is a much more difficult proposition," said Dunn.

The tax credit is part of 30 that lawmakers want to put on hold for two years. I could save the state more than $25 million a year, but Hall says the cost of cutting the restoration credit isn't worth the savings to the state budget.

"To help people invest in the Oklahoma economy, I think that's something that shouldn't be taken away," said Hall.

The Atlas Life Building is set to open a week from Friday. The owners should get their tax credit, but projects completed after July 1st could lose out on the credit.